I thought these graphs may be useful to the active rain members. Have a great day!
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Prudential Gary Greene, Cypress TX - Cypress, TX
Realtor Prudential Gary Greene
You know, if I knew then what I know now.....
When we first bought our first piece of land, we bought a lot that was for $13,500. We rolled in a garage/workshop, well, septic and driveway bringing us to $35000 approx. We paid $428.50 a month and signed a 20 year mortgage.
At the same time we bought a Caravan. It was $32,000. It was paid off in 5 years. The payment was around $500 per month.
It boggles the mind what a difference an interest rate can make if you can pay off a $32000 loan in 5 years for just a tad bit more per month than a $35000 loan in 20 years at a higher interest rate!
I paid a Dave Ramsey "stupid tax" over that deal!!
Mar 17, 2008 02:06 AM
Marketing 4 Realtors - Garfield Heights, OH
I'm your Professional Real Estate Marketing VA!
We have also learned quite a bit from buying our first house. Those interest rates can be a killer. Just the fact that you can cut the life of your loan by years by making just one extra mortgage payment per year should tell you something. Thanks for the visual!
~Renae
Mar 17, 2008 02:16 AM
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